South-east Asian bourse Singapore Exchange (SGX) has unveiled its clearing service for over-the-counter (OTC) traded Asian foreign exchange (FX) forwards, Mondo Visione reports. The bourse has cleared the first Asian FX forwards traded by Deutsche Bank, DBS Bank and Oversea-Chinese Banking Corp.
This move is a step toward central counterparty clearing (CCP) of OTC derivatives to support systemic stability in financial markets. The Chinese yuan, Indian rupee, Korean won, Indonesian rupiah and Malaysian ringgit are among the non-deliverable Asian currencies covered under the clearing. Barclays Bank, Citibank and Credit Suisse Group are also among the 11 SGX clearing members qualified to clear FX forwards.
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